Eurasia Mining PLC (LON:EUA) shares soared on Thursday as the Russia-focused miner returned to AIM following the clarification of its relationship with Chinese group CITIC Merchant Co Limited.
The company confirmed that it has entered a success fee based engagement letter with CITIC to explore possible strategic options for its mining assets.
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Eurasia also reiterated its announcement from July 1 that it has appointed UBS as its leading adviser to assist in a review of its strategic options including asset sales or a sale of the company.
"The board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring the company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the company. The company will work with UBS and its other advisers to execute the process", Eurasia executive chairman Christian Schaffalitzky said in a statement.
The group’s shares surged 78.1% higher to 12.8p in early trading.